OECD publishes peer review reports on tax information exchange for Honduras, Madagascar, Mongolia, Oman, Trinidad and Tobago

The reports were approved by the Global Forum’s dedicated Peer Review and Monitoring Group in June 2025 and subsequently adopted by the Global Forum members.

The OECD has published new peer review reports on tax information exchange for Honduras, Madagascar, Mongolia, Oman, and Trinidad and Tobago on 21 July 2025.

The reports for Honduras, Madagascar, Mongolia, Oman, and Trinidad and Tobago were approved by the Global Forum’s dedicated Peer Review and Monitoring Group in June 2025 and subsequently adopted by the Global Forum members.

Through a combined assessment of the legal and regulatory framework and the implementation of the standard in practice, Oman and Trinidad and Tobago have both been rated overall as “Largely Compliant” with the standard.

Due to their limited practice of EOIR, the reviews of Honduras, Madagascar and Mongolia only provide an assessment of their legal and regulatory frameworks (Phase 1 of the review process). The three jurisdictions will move to the second phase of the review process on the implementation in practice, which is due to take place for them in 2027 or 2028.

Since 2016, 128 jurisdictions have been fully reviewed in the second round of EOIR peer reviews and the ratings assigned are generally positive: 89% of the jurisdictions are rated “Compliant” or “Largely Compliant” with the standard, 9% are assessed as “Partially Compliant”, and only 2% as “Non-Compliant”.

Jurisdiction-specific findings and recommendations from the reviews are as below:

Honduras joined the Global Forum in 2019. This first assessment concludes that Honduras’ legal framework is generally in place, but several areas relating to availability, access and exchange of information need improvements. The lack of a mechanism in place to identify the owners of bearer shares or of persons holding dividend coupons issued by Honduran companies results in serious deficiencies in the availability of ownership information, as required by the standard. There are also some gaps in the coverage of the anti-money laundering framework as a source of beneficial ownership information in the absence of requirements on all legal entities and arrangements to always engage with an AML-obliged person on an ongoing basis. Further, the beneficial ownership information that is available may not be fully in line with the standard. Honduras is also recommended to ratify the Multilateral Convention on Mutual Administrative Assistance in Tax Matters as soon as possible to increase the number of its exchange of information partners. It is unclear whether the Honduras’ Competent Authority can access beneficial ownership information and relevant information covered by professional secrecy, in line with the standard. The assessment of the practical implementation of the legal framework will be launched in December 2027, at the latest (Phase 2 review). Access the report.

Madagascar joined the Global Forum in 2017. This first assessment concludes that Madagascar’s legal framework is generally in place, but several areas need improvements, most notably, in respect of the availability of ownership information. There is no mechanism in place to identify the owners of bearer shares issued by Malagasy companies. Madagascar has implemented tax reforms for ensuring the availability of information on the beneficial owners of legal entities and arrangements, and the implementation of these reforms in practice will be assessed during the Phase 2 review. While the Competent Authority of Madagascar has broad access powers to provide information to exchange partners, it may face constraints to obtain information held by professionals who enjoy the attorney-client or similar privileges. Most importantly, Madagascar is also recommended to deposit its instruments of ratification of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters as soon as possible in order to broaden its exchange network. The assessment of the practical implementation of the legal framework will be launched in December 2027, at the latest (Phase 2 review). Access the report.

Mongolia joined the Global Forum in 2018. This first assessment concludes that Mongolia’s legal and regulatory contains the essential elements in place to comply with the standard in terms of access to and exchange of information. In contrast, improvements are needed concerning the availability of certain aspects of legal and beneficial ownership information (Elements A.1 and A.3) and banking information (Element A.3). In particular, the definition of beneficial owners for legal entities is not aligned with the standard. The assessment of the practical implementation of the legal framework will be launched in March 2028, at the latest (Phase 2 review). Access the report.

Oman joined the Global Forum in 2018. As Oman has experience in exchange of information on request, this first assessment covers both the legal and regulatory framework for EOIR and implementation of the standard in practice. Oman’s legal and regulatory framework has been found generally in line with the standard, with some recommendations made on aspects of implementation and supervision. Regarding availability of beneficial ownership information, Oman currently relies primarily on its anti-money laundering framework. Oman should strengthen its supervision over the requirements introduced in 2023 for companies and partnerships to report beneficial ownership information to the Ministry of Commerce, Industry and Investment to ensure this information is accurate and up to date. In respect of availability of accounting information, there is room for improvement in the supervisory efforts of the tax authority. Oman’s Competent Authority has broad access powers to obtain all types of information. Oman has a broad exchange of information network being a party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Oman’s Competent Authority has demonstrated growing maturity during the review period with a well-staffed and trained EOI unit, well defined procedures for handling EOI requests and with direct access to various databases to facilitate retrieval of different types of information for responding to EOI requests. As a result of the review, Oman has been rated ” Largely Compliant” with the EOIR standard.  Access the report.

Trinidad and Tobago was first evaluated under the peer review of the EOIR standard in 2011, focusing on the legal and regulatory framework. At the time, the jurisdiction was prevented from moving to the second phase of the review focused on the implementation of the standard in practice, until it could remedy the inability to use access powers to obtain information for exchange purposes. As this was not completed by the end of the first round in 2016, Trinidad and Tobago was rated as overall Non-Compliant with the EOIR standard. Over the last couple of years, Trinidad and Tobago has made significant progress. It resolved the issue pertaining to the access powers of the Competent Authority and expanded its treaty network by becoming a party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. It also addressed some other recommendations from its 2011 review. While the current legal framework is considered robust, further efforts are needed to ensure its effective implementation in practice.

Monitoring and supervision mechanisms should be strengthened particularly in respect of accounting obligations. Moreover, Trinidad and Tobago should improve the practical functioning of its EOIR framework, which includes strengthening the internal organisation of its EOI function. During the review period, there were instances where responses to requests were delayed, and partners were not informed about the status or progress of their requests. As a result of the review, Trinidad and Tobago has been rated ” Largely Compliant” with the EOIR standard.